Express
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Diversification of exports is key for Pakistan | The Express Tribune
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[ad_1] KARACHI: Pakistan’s foreign exchange reserves are in dire straits. As of January 6, 2023, the State Bank of Pakistan (SBP) reported having a mere $4.3 billion on hand, barely enough to cover three weeks of imports. This is a significant decline from the $16.6 billion the SBP had in January last year. While the…
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Dear stakeholders, don’t push economy off the cliff | The Express Tribune
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[ad_1] KARACHI: Even from Pakistan’s standard, the outgoing year was a nightmare. Marred with domestic political uncertainty – compounded by a spike in energy prices and global interest rates hike – followed by pertinent delays in enacting the International Monetary Fund (IMF)-guided structural reforms, year 2022 was as challenging as challenges can be. Nevertheless, it’s…
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Thousands of containers held up at Karachi port as dollars dry up | The Express Tribune
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[ad_1] Thousands of containers packed with essential food items, raw materials and medical equipment have been held up at Karachi port as the country grapples with a desperate foreign exchange crisis. A shortage of crucial dollars has left banks refusing to issue new letters of credit for importers, hitting an economy already squeezed by soaring…
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Govt to keep fuel prices unchanged | The Express Tribune
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[ad_1] Finance Minister Ishaq Dar while addressing the media in Lahore on important decisions taken by the ruling coalition said that petroleum prices would be “maintained as they are” and no changes would be implemented for the remaining 15 days of January. “Petroleum prices will remain as they are at Rs214.80 per litre. Diesel is…
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Boom to bust: Pakistan’s startup story | The Express Tribune
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[ad_1] PUBLISHED January 15, 2023 KARACHI: Starting a business is much more complicated than people think it is. Many young, fresh graduates or mid-career level professionals who opt for creating their small-scale companies and are called entrepreneurs. They see a demand or a problem to be solved in the market and develop their business model…
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Food inflation reaches 31.75% YoY | The Express Tribune
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[ad_1] ISLAMABAD: The trend of the rising prices carried on in the week that ended on January 12 with the inflation rate hitting 0.44% in comparison with the previous seven days and 31.75% on a year-on-year basis. According to the figures released by the Pakistan Bureau of Statistics (PBS) on Friday, the prices of 23…
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Remittances drop to 31-month low at $2.04b | The Express Tribune
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[ad_1] KARACHI: The inflows of workers’ remittances sent home by overseas Pakistanis have continued to slow down, plunging to a 31-month low at $2 billion in December 2022. The straight drop in the inflows for the fourth consecutive month has further hit the country’s forex reserves, increasing its reliance on expensive foreign loans to finance…
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Nepra jacks up KE tariff by Rs4.49 per unit | The Express Tribune
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[ad_1] ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) on Friday allowed an increase of Rs4.49 per unit in the power rates for K-Electric (KE) customers for a period of four months – from January 2023 to April 2023 – on account of a petition filed by the federal government regarding a uniform tariff for…
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Saudi fund to finance $1b Pak oil derivatives | The Express Tribune
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[ad_1] ISLAMABAD: The Saudi Fund for Development (SFD) will finance Pakistan’s oil derivatives worth $1 billion, the Economic Affairs Division said on Thursday. The fund’s chief executive, Sultan Abdulrahman Al-Marshad, signed an agreement pledging the financing with Economic Affairs Secretary Dr Kazem Niaz, the division said on Twitter. SFD CEO Al-Marshed said the agreement emphasised…
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Germany to fund projects worth €28m | The Express Tribune
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[ad_1] ISLAMABAD: Germany signed two framework agreements worth €28 million, on Thursday, that will focus on the socio-economic uplift and sustainable development of Pakistan. Ambassador of the German government, Alfred Grannas, and the Ministry of Economic Affairs to Pakistan, Dr Kazim Niaz, signed agreements in the energy and governance sectors. According to details, Germany will…
